Employer Update

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New Higher Ed Faculty Must Select a Retirement Plan

Incoming faculty members who are eligible to elect coverage under the Optional Retirement Plan for Higher Education (ORPHE) must choose their retirement plan within 60 days of their start date. If they do not choose a plan within their election window, they will be covered under the Hybrid Retirement Plan or the applicable VRS defined benefit plan.

Once you enroll employees as new hires in myVRS Navigator, VRS will send a letter instructing them to log into or create an account in myVRS to compare options and then choose a plan. It’s good practice to remind employees to evaluate their options and make a retirement plan choice in myVRS. Their choice is irrevocable.

The Employers section on the ORPHE website includes instructions for acknowledging participants’ elections. Prompt acknowledgments help ensure contributions begin with payroll deductions.

New Phone Number for Hybrid Plan Support

VRS is making updates to its phone systems. Hybrid Retirement Plan members should now call the VRS Counseling Center at 888-827-3847 for assistance. VRS has discontinued the separate number for hybrid plan members.

Correcting DCP Errors $50 or Less? Skip the Form

A Request for Correction Review form is no longer required for defined contribution plan account overages or shortages of $50 and less. In many cases, you can make corrections through payroll for errors that fall under this threshold.

For overages of more than $50 that are identified within 14 business days of funding, the funds can be returned directly to the employer by requesting a refund from MissionSquare Retirement. Outside of that period, adjustments will follow the corrective methods outlined in each plan’s corrections policy:

• Hybrid Retirement Plan
• Commonwealth of Virginia 457 Deferred Compensation Plan
• Virginia Cash Match Plan 401(a)
• Optional Retirement Plans

If you have questions about VRS DCP corrections, email dcplans@varetire.org.

Financial Reporting: GASB Data Coming Soon

VRS is preparing financial reporting information necessary for the 2024 fiscal year that ended June 30. Look to the Financial Reporting section of the VRS employer website in the coming weeks for resources to assist you.